Bank stocks benefitted from a continued rebound in the US banking sector and after Westpac increased its fixed and variable rates. CBA added 3.7 per cent to $97.8 over the week, NAB added 4.1 per cent to $29.9, while Westpac gained 4.8 per cent to $21.1.Advertisement
The weekly rally has not changed the view of Diana Mousina, senior economist at AMP Investments, who said the risk is “of more downside to equities until there are clearer signs that inflation has peaked and until economic data troughs”.